TOKYO, JAPAN – JULY 27: Pedestrians and shoppers walk through the Akihabara area on July 27, 2023 in Tokyo, Japan. Japan’s core consumer price index climbed by 3.3% in June, outpacing the US figure for the first time in eight years as the Bank of Japan holds its monetary policy meeting on July 27 and 28. (Photo by Tomohiro Ohsumi/Getty Images)
Tomohiro Ohsumi | Getty Images News | Getty Images
Asia-Pacific markets were set to open higher Tuesday, after Wall Street’s tech stocks rebounded on a rally in Google parent and hopes of a Fed rate cut.
Optimism about Alphabet’s standing in the AI race started last week after the tech giant announced its upgraded AI model, Gemini 3. The stock closed 6.31% higher Monday. Other AI-related stocks, such as Broadcom and Micron Technology, also popped higher, building on a wider rebound that started on Friday, when the head of the New York Federal Reserve left the door open to a December interest rate cut.
Japan’s benchmark Nikkei 225 index was set for a higher open, with its futures contract in Chicago trading at 49,580, and its counterpart in Osaka at 49,600, against the index’s Monday close of 48,625.88.
Australia’s ASX/S&P 200 rose 0.14% in early trading.
Futures for Hong Kong’s Hang Seng Index pointed to a higher open, trading at 25,874, against the index’s previous close of 25,716.5.
U.S. equity futures were little changed in early Asian hours.
Overnight, the S&P 500 rose 1.55% to close at 6,705.12, while the Nasdaq Composite jumped 2.69% to settle at 22,872.01. It was the tech-heavy index’s best day since May 12, when it rose 4.35%. The Dow Jones Industrial Average climbed 202.86 points, or 0.44%, to end at 46,448.27.
— CNBC’s Sean Conlon and Yun Li contributed to this report.
